AML/CFT Compliance -

AML/CFT Compliance

Anti-Money Laundering services and Combating the Financing of Terrorism (“AML/CFT”) enactment implies serious diligence to be met by reporting entities. Governments worldwide have been working on making the Compliance laws stricter to stop illegal financing through ML.

An association’s AML/CFT controls can be easily sabotaged by a helpless culture of inconsistency. Solid AML compliance in an organisation can help forestall weaknesses and help distinguish issues before them becoming a major problem.

In September 2018, UAE introduced Federal Decree-law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism, and related Regulations were issued under the Cabinet Decision No. 10 of 2019 in February 2019 which requires, followings are liable to register for on goAML platform:

Financial Institutions, like banks, exchange houses, Insurance Companies, Finance Houses, entities involved in finance lease, companies providing credit facilities of all types etc.
As per Article 3 of the Cabinet Decision 10 of 2019, the following trade and business activities are considered to fall under the purview of Designated Non-Financial Businesses and Professions (DNFBPs):
Brokers and real estate agents
Dealers in precious metals and precious stones
Lawyers, notaries, and other independent legal professionals Auditors and Accountants
Business Service Providers

Define and Design the AML Framework for your Organisation
Design Risk Assessment Methodology
Develop AML / CFT Policy
Prepare CDD Checklist / Procedure in the form of a Customer Questionnaire
Conduct AML Training for all staff members

Act as an Outsourced Compliance Officer for your Organisation
Act as a Compliance Officer as required under Section 8 Article (21) of the Cabinet Resolution No. 10 of 2019
Act as the second line of defense for review of High Risk cases and potential suspicious transactions
Review, assess and report Suspicious Activities, if identified, on behalf of the Company to the Financial Intelligence Unit
Perform periodic (Quarterly) compliance audit to ensure that the requirements laid out in the AML Policy is being met

Our Services Include:

Define and Design the AML Framework for your Organisation Design Risk Assessment Methodology Develop AML / CFT Policy Prepare CDD Checklist / Procedure in the form of a Customer Questionnaire Conduct AML Training for all staff members
Develop the CDD Policy and the KYC Checklist for the Company for both onbarding new customers and for existing customers to be conducted on a defined routine basis.
Prepare the training material including an understanding on the Risk Assessment process, AML Policy and Procedures, KYC Checklists for Retail and Corporate customers, CDD Programme, Transaction Monitoring and ongoing AML Compliance steps to be adopted by the Company staff.
Act as a Compliance Officer of the company to undertake the responsibility to respond to any queries raised by the UAE FIU or Ministry of Economy on behalf of the Company.

About AKW

Our Relevant Experience and AML Subject Matter Expertise

There is a dearth of AML Specialists worldwide. It is a niche technical subject that requires relevant experience and qualification.

AKW has a specialist team of consultants which includes ex-bankers and consultants with relevant AML Compliance experience and ACAMS qualification and have worked on multiple engagements involving development of AML Policies & Procedures for Financial Institutions and DNFBPs, KYC Remediation for UAE Tier 1 banks and Real Estate Companies, Compliance Monitoring and Testing for large banks in Kuwait and Bahrain, setting up CDD Utility and Transaction Monitoring and Sanctions Review team for a multinational bank and providing outsourced Compliance Officer Role for DNFBPs to meet the UAE AML requirements as per Section 8 Article (21) of the Cabinet Decision No.10.

About Faisal Ahmed

AKW Consultants Group is led by Mr. Faisal Ahmed, Managing Partner & CEO, a qualified Chartered Accountant with 21 years of Big4 Advisory experience working for 6+ years with KPMG, 8+ years with PwC London, 3+ years with HSBC Middle East & London Office as the Global Head of Client Due Diligence in AML Compliance Function for Global Banking and Markets.

Mr. Faisal Ahmed from AKW has been leading consulting practice around AML, Compliance, Audit and Taxation practice in the Middle East since 2015. Prior to his consulting firm, he served for 3+ years as a Senior Director with HSBC where he advanced the Client Due Diligence (CDD) function and headed up AML Policy Implementation, CDD & KYC Training, KYC Client Adoption, Target Operating Model, Strategy & Change, Global KYC Book of Work Management, & Client Management Due Diligence Departments.

Mr. Faisal Ahmed specialises in Anti-Money Laundering & Counter Terrorist Financing field and has been an industry leader advising many international and local Financial Institutions on the AML Compliance subject. He led the Global AML Standards design and development programme for HSBC and subsequently has worked on many AML engagements for Banks across the GCC Region. In addition to AML Advisory, Mr. Faisal Ahmed specialises in Financial Crime Compliance, Customer Due Diligence, KYC Operations, Anti-Bribery and Corruption, International Taxation and UAE VAT, implementation of Process Improvement, HR & People and Change Management. He is recognised as a Subject Matter Expert on AML and Fraud matters and is an Expert Trainer in these areas.

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